Rivian To Cut About 600 Jobs Amid Trump Administration’s EV Policy Shift: Report

• According to a Bloomberg report, Rivian’s latest round of layoffs affects commercial roles across the servicing and sales departments.
• The Irvine, California-headquartered company said in August it would only break even on a gross profit basis in 2025, compared with its previous forecast of a modest profit.

Rivian Automotive Inc. (RIVN) is reportedly conducting a round of layoffs affecting around 600 employees, amounting to about 4% of its workforce.

According to a Bloomberg report citing people familiar with the matter, Rivian’s latest round of layoffs affects commercial roles across the servicing and sales departments.

Rivian’s shares were down 0.46% in Thursday’s opening trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory at the time of writing.

Challenging EV Environment

Rivian’s layoffs come amid a challenging environment for electric vehicle makers in the U.S. The Irvine, California-headquartered company said in August it would only break even on a gross profit basis in 2025, compared with its previous forecast of a modest profit.

The company cited President Donald Trump’s tariffs as the reason for its change in forecast, according to a Bloomberg report. “While we believe deeply in the long-term value drivers of our business, the policy environment continues to be complex and rapidly evolving,” Rivian CEO RJ Scaringe told investors during a post-earnings call, according to the report.

Trump’s EV Policy Changes

As part of President Trump’s tax and spending bill, the $7,500 tax credit for new EVs and $4,000 credit for used EVs have been discontinued after September 30.

The bill also ends a provision that was a revenue source for EV makers. This rule mandated that automakers that sell internal combustion engine (ICE) vehicles, that is, vehicles that run on gas, would have to purchase regulatory credits from EV makers to make up for the emissions from their ICE vehicles.

Also See: Walter Isaacson Says Elon Musk Is In 'Demon Mode' On The Issue Of NASA Being Folded Into Transportation Department: Report

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